Investments into Turkmenistan's Fuel and Energy Complex revealed
BAKU, Azerbaijan, May 20
By Jeila Aliyeva - Trend:
Turkmenistan has revealed the amount of investments made into its Fuel and Energy Complex, Trend reports with reference to Turkmenportal Information Portal.
In the first 4 months of 2020, the volume of investments into Fuel and Energy Complex of Turkmenistan amounted to more than 3.73 billion Turkmen manat (over $1 billion), which is 1.3 billion manat (more than $371 million) more than in the same period of last year.
In total, from 2016 up until today, about 40 billion manat ($11.4 billion) were allocated to strengthening the material and technical base of country’s oil and gas industry.
The investments were directed for the purchase of materials and specialized equipment for Turkmenistan’s oil and gas enterprises. The availability of investments allowed accelerating the industrial development of country’s oil and gas areas. A number of projects for the construction of new enterprises, various production facilities and structures have been implemented.
The oil and gas industry is the leading sector of Turkmenistan’s economy. Country pays big attention to the development of this industry. Thus, a large amount of financial resources is allocated for the modernization and diversification of the country's fuel and energy fields.
It is planned to modernize the equipment of gas compressor stations and other large structures of Marygazcykarys, Lebapgazcykarys departments of Turkmenistan's Turkmegas State Concern and the Turkmengazakdyrys Association, which carry out the production of natural gas, its high-quality preparation and uninterrupted delivery to consumers.
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